6th September 2011
Foreign Exchange Markets went ballistic today as the Swiss National Bank stated it would do anything in its power to keep the Swiss Francs current overvalutaion under control.
The recent increase the Swiss Franc due to safehaven buying has seen the countries export competiveness wiped out. The intevrention saw Swiss Franc lose about 8% of its value againts all majors.
This is the biggest one day move ever recorded and a direct and powerful sentiment from the SNB that they will interven in order to maintain there competiveness no matter what.
A lovely return to the week for our American traders.
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